Section 179 Tax Savings
Vans that deliver,even a huge tax break. Section 179 of the I.R.S. tax code offers significant deductions on qualifying business vehicles.
What business vehicles may qualify?
You may qualify if you:
- Are a business that purchased or financed qualifying new or used business equipment, including certain business-use vehicles, during the 2023 tax year.
- Put the equipment into service between January 1, 2023, and December 31, 2023.
- Used this equipment for business purposes more than 50% of the time.
- Spent less than $4,050,000 on this equipment.
How much could I deduct?
These are the limits:
- You cannot write off more than $1,160,000.
- The total amount of the equipment purchase cannot be more than $2,890,000. It phases out dollar-for-dollar after that, so once $4,050,000 is spent, the deduction goes away entirely.
Section 179 highlights
Our service contracts allow you to drive with confidence with parts and labor fully covered for up to 4 years.
- Section 179 allows qualifying businesses to deduct up to the full purchase price of certain new or used vehicles, equipment and/or software purchased and placed into service during the tax year.
- To qualify, the percentage of business use for the vehicle, equipment or software must be more than 50%.
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